RCBs advised ‘Support SMEs to reduce poverty’

The Executive Director of Association of Rural Banks, Ghana, Mrs. Comfort Owusu has advised CEOs of rural banks to use their office to massively support small and medium enterprises, particularly in their communities, to reduce poverty and improve the lives of rural folk.

She has reminded rural bank CEOs of their organisations’ mandate to be innovative in product development tailored to meet financial needs of the people in communities where they operate.

Thus, they will build a resilient and robust banking industry that curbs hardship and improves the economy.

According to her, Chief Executive Officers must push the frontiers of rural community banking (RCB) and take stringent measures to ensure that strategies are executed and targets met.

Mrs. Owusu gave the advice during the maiden AGM of the Association of Chief Executive Officers of RCBs recently held in Kumasi.

She has indicated that the Association’s formation is a laudable initiative because they will be encouraged to work hard to ensure fair competition and improve the activities of rural and community banking.

Mrs. Owusu further noted that the Association will ensure vibrant rural and community banking, and strengthen the bond of unity among members and staff while avoiding acts that would be detrimental to sister banks.

According to her, the Association of Rural Banks – of which she is the administrative head – will always remain committed to ensuring networking is expanded, emphasising that this is key to contemporary banking.

She encouraged CEOs of RCBs to use the Association to seek the welfare of members and not compete with each other; and advocate for development in rural banking while working hard to improve the local economy.

Mrs. Owusu told the RCB CEOs that coming together affords them opportunity to brainstorm and strategise about key issues which will benefit them collectively, adding that it is also an opportunity to interchange ideas.

This, according to her, will propel them to get a new perspective of doing things and also make them replicate best practices of sister banks; in so doing they benefit from benchmarking, which is key to remaining competitive and achieving excellent results.

The former CEO of Atwima Kwanwoma Rural Bank, urged members of the new Association not to antagonise existing structures of the rural banking subsector of the banking industry

The retired banker advised the Association of RCBs CEOs to be guided by their corporate culture, which he noted manifests in the mission, vision, objective and values of the institution – expressing worry that many at time this vision and the like are not adhered to.

Dr. Sarfo Kantanka asked the industry players to adhere to this corporate culture and make sure it is practiced in their organisations. On use of discretionary powers, he quoted the Bible – urging them to go about their duties legitimately and appropriately.

He emphasised that any decision they take as leaders of the management team must conform to the laid-down regulatory procedures of the work, and ultimately only be executed with the board’s approval.

Source: B&FT